Ameriprise Financial Inc. Grows Stock Holdings in Ringcentral, Inc. $RNG

Key Points

• Ameriprise Financial Inc. increased its stake in RingCentral, Inc. by 7.9% in the first quarter, holding over 7 million shares valued at approximately $174 million as of its latest SEC filing.
• RingCentral's stock price opened at $30.83, with a market cap of $2.79 billion and a negative PE ratio of -220.20, indicating challenges in profitability.
• Several hedge funds have recently also increased their positions in RingCentral, indicating strong institutional interest, with approximately 98.61% of the stock now held by such investors.

Ameriprise Financial Inc. raised its position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,026,565 shares of the software maker's stock after buying an additional 512,834 shares during the period. Ameriprise Financial Inc. owned about 7.75% of Ringcentral worth $173,987,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Rafferty Asset Management LLC boosted its holdings in Ringcentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock valued at $689,000 after purchasing an additional 325 shares during the period. Gagnon Securities LLC boosted its holdings in Ringcentral by 5.9% in the first quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker's stock valued at $202,000 after purchasing an additional 452 shares during the period. Private Advisor Group LLC boosted its holdings in Ringcentral by 6.2% in the first quarter. Private Advisor Group LLC now owns 9,448 shares of the software maker's stock valued at $234,000 after purchasing an additional 552 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Ringcentral by 26.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after purchasing an additional 615 shares during the period. Finally, Allianz Asset Management GmbH boosted its holdings in Ringcentral by 4.0% in the first quarter. Allianz Asset Management GmbH now owns 34,200 shares of the software maker's stock valued at $847,000 after purchasing an additional 1,300 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Ringcentral Price Performance

Ringcentral stock opened at $30.83 on Friday. Ringcentral, Inc. has a 1-year low of $20.58 and a 1-year high of $42.19. The stock has a market cap of $2.79 billion, a PE ratio of -220.20, a P/E/G ratio of 1.42 and a beta of 1.28. The stock's fifty day moving average is $27.83 and its two-hundred day moving average is $27.27.

Ringcentral (NYSE:RNG - Get Free Report) last posted its earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The business had revenue of $620.40 million for the quarter, compared to analysts' expectations of $617.90 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The business's revenue was up 4.6% compared to the same quarter last year. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. On average, research analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at Ringcentral

In other news, CAO Tarun Arora sold 7,776 shares of Ringcentral stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $28.00, for a total transaction of $217,728.00. Following the sale, the chief accounting officer owned 114,497 shares in the company, valued at approximately $3,205,916. The trade was a 6.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kira Makagon sold 21,185 shares of Ringcentral stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $27.69, for a total value of $586,612.65. Following the sale, the chief operating officer owned 413,131 shares in the company, valued at $11,439,597.39. This trade represents a 4.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,354 shares of company stock worth $3,063,152 over the last three months. 6.97% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RNG. UBS Group decreased their target price on Ringcentral from $33.00 to $32.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Raymond James Financial decreased their target price on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Wall Street Zen upgraded Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Needham & Company LLC started coverage on Ringcentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 price target on the stock. Finally, Wedbush cut their price target on Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $30.62.

About Ringcentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.

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